A competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates. competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates.
Only when the annuitant begins to withdraw money from the annuity, he has to pay tax on his gains. Annuitiy holders must be advised of the risks of deferred income taxes when they agree to accept an annuity contract. In the event of the death of the annuitant, the beneficiary is subject to tax.
You must report the amount reported as taxable for federal income tax purposes as taxable interest on a Pennsylvania Schedule A. Annuity income that is part of a qualified retirement plan, and the recipient has reached age 59 1/2, is not subject to Pennsylvania income tax. For nonqualified annuities, the earnings are taxable but the return of contributions would not be taxable to Pennsylvania.